Ireland sees largest jump in prices in almost 21 years

In the past year, the price of diesel has risen 32.5%, petrol up 30.3% and airfares 42.3%.

Consumer prices surged by 5.6% over the past year, the largest annual increase in almost 21 years.

According to the figures, the transport sector saw the largest increase with prices rising 15.4% while prices for housing, water, electricity, gas and other fuels rose by 12.7%.

The price of diesel rose 32.5%, petrol up 30.3% and airfares 42.3%. The figures are to the end of February and do not include the recent surge in fuel costs which has forced the Government to cut excise to provide relief for motorists and businesses.

"Prices have been rising on an annual basis since April 2021, with annual inflation recorded at 5% or more each month since October," Colin Cotter, Statistician with the CSO said.

In February alone, consumer prices increased 0.9% compared to January with transport prices rising 2.3%.

Along with fuel prices, the cost of staple food items like a sliced pan of bread jumped 12.1c over the past year, bananas per kg increased by 10.2 cent while the average price for 2.5kg of Potatoes decreased by 22.9 cent.